29 Apr 2009

Profit reported by Deutsche Bank

10:38 am on 29 April 2009

Deutsche Bank is back in profit.

Germany's biggest lender made a profit of 1.2 billion euros ($US1.6 billion) in the first three months of the year - compared to a loss of 141 million euros a year earlier.

Revenue from sales and trading of debt rose almost three-fold to 3.8 billion euros.

However, its asset wealth management arm reported a pretax loss of 173 million euros and retail bank earnings fell by a third. Further writedowns totalled 1.5 billion euros.

But in a statement, issued the day after the extended his tenure, chief executive Josef Ackermann said Deutsche Bank is well positioned and does not need to raise more capital.